Commercial real estate services and investment firm CBRE Group, Inc. has acquired Las Vegas-based Union Gaming, a boutique investment bank and advisory firm focused exclusively on the global gaming sector. Terms were not disclosed.
Union Gaming offers investment banking services, including public debt and equity underwriting, M&A and strategic advisory, as well as gaming sector thought-leadership through its sector-leading research.
Founded in 2008, Union Gaming has offices in Las Vegas and Hong Kong.
“Union Gaming fortifies CBRE’s position as a leader in the fast-growing global gaming sector,” said James Scott, Managing Principal, CBRE Capital Advisors.
“We are excited to add to our investment-banking depth through the addition of Union’s talented professionals, deep relationships across the gaming sector and public-market capabilities,” he added.
Union Gaming’s employees and CBRE’s existing Las Vegas-based gaming investment sales team led by Michael Parks will form a combined global gaming team. Bill Lerner, Union Gaming’s Co-Founder, will serve as CBRE’s Global Head of Gaming Investment Banking.
“We built Union Gaming on our singular commitment and belief in the long-term prospects for the gaming sector,” said Lerner. “Whether it’s the realization of casinos’ underlying real estate value, evolution of new gaming formats and technology, expansion of gaming in Asia, or recent surge of sports and online gaming, there is no better partner to continue our commitment to this next chapter of the business than CBRE.”